The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-09-17
STATE OF TRADE.
3. g. Dan 4 Co.'S Weekly Review
Of Business.
Anticipated Monetary strtngency
ReaIlned-The Pressure Bedng NJ
Felt usaness Failures.

New Ycsk, September ls-R G..
Dun 4 Co.. in their weekly report of
trade. cay: All snticipations Of none
tary stringency. which were expressed
months ago. are abundantly justified
by the pressure now felt in spite Of
supplies from abroad. far beyond rea-
sonable anticipations. Were the
merchandise movement alone to CON.
troll. gold would be going eat In large
amounts; instead, gold y coming In,
largely through operations Of syndi.
cateA In purchase Of securities, or for
other invests snts or loans, and yet
the pressure 10 severe. The Boston
market 10 tight, many millions having
been sent West for railroad building
or other operations. fhilsde phis is
cautious because Of recent iailsies and
consequences not wholly Disclosed.
Cincinnati banks are foroe TO especial
O oservatism by the Cincinnati, Ham
ilton and DIyton uncertainties and
the effects Of the Fidelity collapse.
Ohicsgo reports an enormous business
done by note brokers, and high rates
bid by merchants and manufacturer.
Strinsency Is reported at Nashville and
Atlanta, with active demand at full
rates at New Orleans, and the demard
In Cleveland, Omaha, Kansas City,
and other Western cities is unusually
brisk on account Of activity In trade or
In building. The treasury continues
TO absorb money; II holds ct oil points
~ 300. 600 more gold than last Satur.
day and $500. 600 more legal tenders,
against 100000 less silver. But
treasury absorpt on obviously does
not account Tor the scarcity, In view Of
the large imports Of gold, and the
conclusion 10 unavoidable that the
drain OF money TO the West and South
is unusually large. Great difficulty In
making time losnr, because New York
banks have no money to spare except
on call, depresscs stocks and begins TO
cause curtailment OF commercial trans-
actions. Months ago IL was FOL essen
that real estate speculation, and the
attempt to do In one year oil the build
ing needed for several years TO come,
would cause some embarrassment,
which 10 now felt. The weekly pro.
duction Of pig iron is not smaller than
Q year ego, ss some assert, bot, accord.
ing 10 the lion Age, an increate Of ~
per cent. Except for few grades the
tone 10 walker, and heavy imports
continue with much complaint OF
undervaluatione. Wheat has been
dull and lower In spite Of reduction
Of ocean rates 10 Id for grain to Liver.
pool. Large exports from California
In August at Q nominal price above 81
per bushel are officially reported, and
suggcet that the effects Of the corner
are yet felt ct Liverpool. Corn Ii Q
shade lower, with somewhat better
prospects - TO yield, but there
10 no longer doubt that the crop was
greatly diminished BY the drouth, an.
other effect Of which Ia ssen In heavy
shipments Of cattle 10 Q depressed
market. Oil "boomep 10 about 75c
on reports Of Q meeting Of producers
81 Pittsburg on Monday, but collapsed
10 sc on Wednesday, recovering lii
tie aimee. The wool market drsgs life
lessly. The boot and shoe trade still
improves, and dry goods are fairly sus-
tained, but with irreeulsrity In the de-
mand, which makes some qualities
scarce, while Others move slowly.
Exports Of breadstuff,, provisions,
cotton, cattle and oil In August were
t37, 0O0. 900 In value, 83 per cent.
above the same month last year. But
imports al New York fof August show
an increase OF 10 per cent. Gold
comes this way, not 10 payment for
goode, but az q loan.
The business failures during the last
seven days number for the United
States 1876, for Canada %; total, 1888 ;
compared with ia last week and 1856
for the corresponding week Of last
year.